Same thing. Put a chain of banker bots betting the SP500 index as it arrices. The bot at the bottom is better SP numbers against its own second derivative. It will borrow/save upstream to cover bets and queue up/down stream to stay alive. The implicit queues built up from a n rank chain acts like an effective bubble sorter. You will get the Huffman resulting network, and the payoff ratios along each should be the rational finite log estimation, the pay off in a N order binomial approximation. The bots can fix their variance limit and let the order vary to accommodate, and that makes a adapting windowed Huffman encoder.
So buyers of SP then have a liquidity measure, the order N, and all prices up the stack. But who sorts the SP500? The SP committee really has a most likely estimator of the 500 firms that make up their sequential integers. So SP believers really believe the spreadsheet entries for stock market have been properly weighted, so they may be ganged together for betting. We are betting that the SP organizations know the values of the columns in the identical spreadsheets of the firms. if you believe that, then the index is the mostly likely value of at least their 500, it not the market. Then find the rational approximating network for those prices and you have the structure of people who bet on that index, or you belief in the index is wrong..
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